Global Markets Under Pressure as Bitcoin Tumbles Below $80K Amid Geopolitical Tensions and Inflation Fears

Thursday saw a sharp correction in cryptocurrency markets as Bitcoin plummeted below the $80,000 threshold. The price of BTC reached $79,200, marking a 2.3% decline over the preceding day.

The downward trend was not limited to Bitcoin alone. Solana suffered the most significant losses among major cryptocurrencies, dropping 5.6% to settle at $90. This development comes after a two-week rally that had established it as one of the top-performing altcoins.

Elevated inflation readings in the US contributed to market jitters. The Consumer Price Index (CPI) hit a three-year high of 3.8%, while the Producer Price Index surged 1.4% month-over-month, exceeding expectations by a wide margin.